Acacia Research Co. (NASDAQ:ACTG) Sees Large Drop in Short Interest

Acacia Research Co. (NASDAQ:ACTG) was the recipient of a large decrease in short interest in March. As of March 31st, there was short interest totalling 625,900 shares, a decrease of 10.3% from the March 15th total of 698,000 shares. Based on an average daily trading volume, of 226,300 shares, the days-to-cover ratio is presently 2.8 days.

Acacia Research Stock Performance

Acacia Research stock opened at $4.93 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 20.07 and a quick ratio of 19.67. Acacia Research has a 1-year low of $3.43 and a 1-year high of $5.47. The firm has a market capitalization of $492.46 million, a P/E ratio of 17.00 and a beta of 0.46. The company’s 50-day moving average is $4.57 and its 200 day moving average is $4.05.

Acacia Research (NASDAQ:ACTG) last issued its earnings results on Thursday, March 14th. The business services provider reported $0.67 EPS for the quarter. The business had revenue of $92.31 million for the quarter. Acacia Research had a net margin of 48.92% and a return on equity of 11.47%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ACTG. Craig Hallum upped their target price on shares of Acacia Research from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Friday, March 15th. StockNews.com raised shares of Acacia Research from a “sell” rating to a “hold” rating in a research report on Monday, March 18th.

Hedge Funds Weigh In On Acacia Research

Hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG grew its stake in Acacia Research by 218.4% in the 3rd quarter. UBS Group AG now owns 7,348 shares of the business services provider’s stock worth $29,000 after acquiring an additional 5,040 shares in the last quarter. Victory Capital Management Inc. bought a new position in Acacia Research in the 3rd quarter worth about $39,000. Jump Financial LLC bought a new position in Acacia Research in the 3rd quarter worth about $41,000. State Board of Administration of Florida Retirement System bought a new position in shares of Acacia Research during the second quarter valued at approximately $45,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Acacia Research during the first quarter valued at approximately $49,000. 86.69% of the stock is currently owned by institutional investors.

About Acacia Research

Acacia Research Corporation, together with its subsidiaries, invests in intellectual property and related absolute return assets; and engages in the licensing and enforcement of patented technologies. The company operates through three segments, Intellectual Property Operations, Industrial Operations, and Energy Operations.